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Louella Desiderio - The Philippine Star
February 9, 2026 | 12:00am
MANILA, Philippines — The state-run Bases Conversion and Development Authority is set to open the redevelopment of a 10-hectare property in Bonifacio Global City, which includes the Market! Market! mall, to multiple firms but remains open to renewing the Ayala Group’s lease.
In a briefing, BCDA president and CEO Joshua Bingcang said the agency would soon issue a request for expression of interest for the property development.
“No single developer can absorb the full requirement of that TOD (transit-oriented development) project. What I see there is around two to three (property developers) so that there is competition,” he said.
He said Ayala Land Inc. (ALI) has already expressed interest to be part of the redevelopment.
“It is a possibility that we will renew them depending on the phasing plan of TOD,” he said.
The lease for ALI’s Market! Market! mall is set to expire in 2027.
Bingcang said the renewal should be finalized one year before the contract expires.
As the area where the Market! Market! is located may be part of the third phase of redevelopment, he said the BCDA can allow continuity of operations.
“We’re open to the renewal. The point is there’s no disruption of business there,” he said.
Apart from ALI, he said there are also Japanese developers interested in the redevelopment.
He said the BCDA has asked the assistance of the Japan International Cooperation Agency for the property redevelopment as the agency was responsible for the TOD, due to the planned construction of a subway station there.
“We want to maximize the potential, fully utilize the use of that area,” he said.
He said an agreement was signed with the Department of Transportation (DOTr) in December last year to provide access for right-of-way for three subway stations of the Metro Manila Subway Project (MMSP).
